RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Davis R M Inc.

Davis R M Inc. cut its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 45,149 shares of the industrial products company’s stock after selling 712 shares during the quarter. Davis R M Inc. owned about 0.14% of RBC Bearings worth $13,517,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. UMB Bank n.a. grew its position in RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock worth $28,000 after buying an additional 75 shares during the period. DT Investment Partners LLC purchased a new position in RBC Bearings in the 2nd quarter valued at approximately $35,000. Opal Wealth Advisors LLC acquired a new position in RBC Bearings during the second quarter worth $41,000. Canada Pension Plan Investment Board purchased a new stake in RBC Bearings during the second quarter worth $54,000. Finally, Strategic Financial Concepts LLC acquired a new stake in RBC Bearings in the second quarter valued at $68,000.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Truist Financial boosted their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price for the company in a research report on Friday. Finally, Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and increased their price target for the company from $330.00 to $335.00 in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $324.67.

Insider Buying and Selling at RBC Bearings

In other news, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the sale, the vice president now directly owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The trade was a 25.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Hartnett sold 3,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $284.23, for a total value of $852,690.00. Following the completion of the transaction, the chief executive officer now directly owns 294,120 shares in the company, valued at $83,597,727.60. This trade represents a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,327 shares of company stock worth $11,068,921 in the last 90 days. 2.60% of the stock is owned by company insiders.

RBC Bearings Stock Up 3.8 %

Shares of NYSE RBC opened at $336.82 on Monday. The firm has a market cap of $10.58 billion, a P/E ratio of 49.17, a price-to-earnings-growth ratio of 4.63 and a beta of 1.51. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. RBC Bearings Incorporated has a 1 year low of $240.36 and a 1 year high of $337.19. The firm’s 50 day moving average price is $297.72 and its 200 day moving average price is $288.60.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. RBC Bearings’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.07 EPS. As a group, sell-side analysts anticipate that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.